ABC has sold out its advertising inventory for the February 27 Academy Awards telecast for about $1.7 million per 30 second spot, which could generate more than $80 million in revenue for ABC reports the LA Times.

"If ABC does reach that level of $1.7 million per spot, it would be the high water mark," said Jon Swallen, senior vice president for research at Kantar Media, which tracks advertising spending. "They've never quite reached an average price of $1.7 million before."

Total revenue for last year's telecast was $70 million, Swallen said. ABC collected about $1.3 million to $1.5 million per spot in 2009 and 2010.

Interestingly, Nielsen reports the 2008 Academy Awards garnered $1.82 million per spot, but perhaps that's intended to mark the highest-price rather than the average.